LBChain is a blockchain-based sandbox developed by the Bank of Lithuania and intended for FinTech companies. Provided with the technological platform and consultations on the applicable regulations, LBChain participants will carry out blockchain-oriented research, develop their blockchain-based services and test them in financial institutions.
Already in its early phase, the regulatory blockchain sandbox has successfully become the testing environment for a variety of financial products which are expected to become available for consumers in the near future. Six FinTech companies from three different countries have already tested their products in LBChain prototypes, thus contributing to their improvement. They tested a wide range of products: a KYC solution for AML compliance, a cross-border payment solution, smart contract for factoring process management, payment token, mobile POS and payment card solution, a crowdfunding platform and an unlisted share trading platform.
The final stage of the LBChain project is about to begin. FinTechs and start-ups are welcome to apply for product testing. Registration is open and its form is available here.
The in-depth presentation of the project, impressions from the participants, video material available here.
The LBChain platform is currently being developed by service providers selected through a pre-commercial procurement.